MCQ Bank
In the context of partnership, LLP stands for:
- A) Limited liability profit
- B) Local liability partnership
- C) Limited legal partnership
- D) Limited liability partnership
In which of the following, investors (rabul maal) are not allowed to interfere in day to day running of the business?
- A) Salam
- B) Mudarabah
- C) Istisna
- D) Musharakah
Which of the following is correct regarding the recognition of Risk in Islam.
- A) Islam recognizes the incident of risk in general life and business transactions
- B) Islam recognizes the incident of risk in general life only
- C) Islam does not recognize the incident of risk
- D) Islam recognizes the incident of risk in business transactions only
Which of the following provides a Shariah-compliant solution to the conventional call option?
- A) Mudarabah
- B) Murabaha
- C) Arbun
- D) Hiba
In order to get the risk management benefits, Salam seller enter into which of the following arrangement with a third party?
- A) Hamish Jiddiya
- B) Arbun
- C) Wa’ad
- D) Hiba
In which of the following, there is a risk of inability to deliver the commodity on the agreed date.
- A) Mudarabaha
- B) Murabaha
- C) Salam
- D) Musharakah
Mr A “buys a Put” option. In this case Mr A buys the option to sell in ___________.
- A) Future
- B) Any time
- C) Present
- D) Past
In which of the following contracts did buyer and seller agree on the instalment of prices as per the progress of the project which is going to be delivered by the seller?
- A) Istisna
- B) Ijarah
- C) Tijarah
- D) Salam
AAOIFI stands for:
- A) Accounting and auditing organization for Islamic financial institutions
- B) Acting and auditing organization for Islamic financial institutions
- C) Accounting and auditing organization for Internal financial institutions
- D) Accounting and affecting the organization of Islamic financial institutions
In which of the following transaction there is a delay between the bank buying the assets from the vendor and selling it to the customer?
- A) Mudarabaha
- B) Musharakha
- C) Arbun
- D) Murabaha
Which of the following is also called a security deposit?
- A) Hiba
- B) Arbun
- C) Tijarah
- D) Hamish Jiddiya
Which of the following is correct regarding the recognition of Risk in Islam.
- A) Islam recognizes the incident of risk in business transactions only
- B) Islam recognizes the incident of risk in general life and business transactions
- C) Islam does not recognize the incident of risk
- D) Islam recognizes the incident of risk in general life only
In which of the following, there is a risk of inability to deliver the commodity on the agreed date.
- A) Musharakah
- B) Murabaha
- C) Salam
- D) Mudarabaha
In which of the following schools of thought does a minority prohibit Arbun?
- A) Maliki
- B) Hanbali
- C) Shafi
- D) Hanafi
In the context of partnership, LLP stands for:
- A) Limited liability partnership
- B) Local liability partnership
- C) Limited liability profit
- D) Limited legal partnership
Which of the following mode of Islamic finance is used in construction projects?
- A) Ijarah
- B) Salam
- C) Istisna
- D) Tijarah
Which of the following provides a Shariah-compliant solution to the conventional call option?
- A) Hiba
- B) Mudarabah
- C) Arbun
- D) Murabaha
Which of the following is an example of managing the risk through avoidance?
- A) Prohibition of buying options
- B) Musharakha
- C) Takaful
- D) Murabaha
Broadly there are ________ types of options.
- A) Five
- B) Two
- C) Four
- D) Three
Which of the following model is employed in Pakistan by many Takaful companies?
- A) Takaful based on salam
- B) Takaful based on waqf
- C) Takaful based on Hiba
- D) Takaful based on Garar